2013-08-19 22:36:52 -
Sudbury, Ontario CANADA, August 19, 2013 /FSC/ - Houston Lake Mining Inc. (HLM - TSX Venture),is a mining exploration company which is actively exploring for rare metals and currently focusing on its 100% owned and optioned Pakeagama Rare Metals Project in northwestern Ontario, Canada. HLM is proposing a non-brokered private placement offering of up to a maximum of 1,428,571.4 common shares ("Common Shares") of the Company.
The Common Shares are to be issued under a unit offering whereby up to a maximum of 1,428,571.4 units ("Units") at a subscription price of $0.07 per Unit are to be offered. Each Unit shall consist of one (1) Common Share of the Company (to be issued on a "flow-through" basis pursuant to the
Income Tax Act (Canada) (a "Flow-Through Share") and one-half (1/2) share purchase warrant (the "Warrant") (each full Warrant shall entitle the holder thereof to purchase one-half (1/2) additional common share of HLM at an exercise price of $0.10 for a 24 month period from closing (the "Offering").
All of the Flow-Through Shares and Warrants issued pursuant to the private placement are subject to a 4-month hold period. Completion of the private placement is subject to the final approval of the TSX Venture Exchange. Proceeds from the financing will be used to advance Houston Lake's 100% owned and optioned Pakeagama Rare Metal project located in northwestern Ontario.
All securities issued in connection with this financing have a hold period of 4 months. HLM reserves the opportunity to grant to eligible persons a finder's fee of a maximum 5% of the gross proceeds of the Offering and finder options of a maximum of 5% of the total number of Units sold under the Offering. Each finder option will be exercisable at an exercise price of $0.10 into one common share and one-half Warrant for a period of two years from closing.
About Houston Lake Mining Inc.
HLM is a mining exploration company that is actively exploring for the rare metals cesium, tantalum, lithium and currently focusing on its 100% owned and optioned Pakeagama Rare Metals Project in northwestern Ontario, Canada. HLM has a total of 75,236,695 common shares issued and outstanding (exclusive of the announced financing). For additional information, please visit www.houstonlakemining.com.
Company Contact Information
Henry J. Kloepper, CEO
2736 Belisle Drive
Val Caron, ON.
P3N 1B3 CANADA
T. +001 705.897.7622
F. +001 705.897.7618
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings what are available at www.sedar.com.
To view the press release as a PDF file, please click on the following link:
Source: Houston Lake Mining Inc. (TSX-V: HLM) (Pink Sheets: HLKMF) www.houstonlakemining.com
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